Chainalysis to add Bitcoin to balance sheet with help from NYDIG
The plan is to acquire a substantial stake of Bitcoin through NYDIG’s brokerage services.
Chainalysis has partnered with NYDIG to execute a purchase of Bitcoin for the firm’s balance sheet.
The blockchain data platform has an ambitious long-term investment strategy in the cryptocurrency space.
The firm raised $300 million in the past year, most recently a Series E fundraising round that valued the company at $4.2 billion.
Chainalysis has been NYDIG’s compliance technology partner since 2018. NYDIG is now returning the favor by playing a critical role in enabling Chainalysis to buy and custody Bitcoin.
The blockchain data specialist has chosen NYDIG for its institutional expertise in trading, execution, and asset management.
Now that cryptocurrencies have emerged as an alternative asset class for consumers, enterprises, governments, banks, and financial institutions, it makes sense that Chainalysis – one of the leading firms within the blockchain arena – decided to add crypto to its balance sheet.
The plan is to acquire a substantial stake of Bitcoin through NYDIG’s brokerage services.
Patrick Sells, Chief Innovation Officer at NYDIG, said: “Our expanding partnership with Chainalysis is a mutually beneficial relationship. Chainalysis has long been building trust in the cryptocurrency ecosystem, and this investment shows their belief that digital assets are a sound investment for the future. We are happy that they trusted our platform to facilitate and carry out their transaction.”
Michael Gronager, Co-founder and CEO at Chainalysis, commented: “Chainalysis is laser-focused in our commitment to building trust in cryptocurrency as a digital asset and are thrilled to be adding Bitcoin to our corporate investment portfolio. With any financial transaction, a level of trust and transparency is necessary. Our longstanding relationship with NYDIG enabled us to invest with confidence, knowing we were dealing with an industry leader. This is Chainalysis’ first acquisition of cryptocurrency and we will continue to pursue other digital assets as potential future investments.”
Chainalysis has recently acquired Excygent after collaborating with the firm to support government agencies in investigating several high-profile cyber cases.
Both firms, together as one, will aim to make the space transparent, with the right tools and the right talent. This is Chainalysis’s first acquisition and follows its $100 million Series E fundraise earlier this year.
The $100 million Series E financing was led by Coatue, bringing the firm’s valuation to $4.2 billion. The capital raise will be used to deepen its data advantage by covering more cryptocurrencies and focusing on emerging use cases like DeFi, and launching a Global Intelligence function to more quickly identify warning signs for potential threats and reduce time to response.
